Algebra-1

Question Analysis
This question tests the student's ability to handle monthly depreciation rates and convert mixed time units (years and months) correctly.

Key Concept Explanation
When the depreciation rate is given in monthly terms, the time must be converted to the same unit. For 1 year and 3 months, there are 15 monthly periods. The formula is used, where is the remaining value, is the initial value, is the depreciation rate, and is the number of periods.

Step-by-step Solution
1. Identify the given values: , , .
2. Substitute these values into the formula:

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